This document provides a detailed explanation of the potential risks associated with using BitTap’s services. Please note that this risk disclosure statement (the "Statement") applies to the electronic trading platform provided by BitTap (the "Company," "we," or "our"), including any applicable mobile applications and websites used to access the platform (collectively, the "Platform"). This Statement should be considered a part of the Service Agreement between the user and the Company. Any capitalized terms used but not otherwise defined in this document shall have the meanings assigned to them in the Service Agreement.
If you do not fully understand the risks associated with using BitTap’s services, you should seek independent professional advice.
By accessing or using the Platform and its website (including PC, mobile, and any other terminals), you represent and warrant that you fully understand the risks involved in digital asset trading and the use of platform functionalities. You acknowledge that you are solely responsible for determining the nature, potential value, applicability, and suitability of these risks.
A. BitTap Services
This notice provides information regarding the risks associated with using BitTap services. Each BitTap service carries its own unique risks. This notice gives a general description of the risks associated with using BitTap services.
This notice does not cover all possible risks or explain how these risks relate to your personal circumstances. Before deciding to use BitTap’s services, please ensure that you fully understand all associated risks.
B. No Personal Advice
We do not provide personal advice regarding our products or services. While we may provide factual information, trading procedure details, and potential risk disclosures, all decisions related to the use of our products or services are made solely by you. Any communication or information provided by BitTap is not intended to be, nor should it be considered or interpreted as, investment, financial, trading, or any other form of advice. You are solely responsible for determining whether any investment, strategy, or transaction is suitable for you based on your investment objectives, financial situation, and risk tolerance.
Digital assets may have limited liquidity, making it difficult or impossible to sell or exit positions when desired. This can happen at any time, including during periods of rapid price fluctuations.
BitTap is not your broker, intermediary, agent, or advisor, and no fiduciary relationship or obligation exists between you and BitTap regarding any transactions or other decisions or activities you undertake using BitTap’s services. We do not monitor whether your use of BitTap’s services aligns with your financial goals and objectives. You should evaluate whether your financial resources are sufficient for engaging in financial activities with us and whether your risk tolerance is suitable for the products and services.
C. No Tax, Regulatory, or Legal Advice
Tax treatment of digital assets is uncertain, and you are responsible for determining what taxes may apply when trading through BitTap’s services. You are responsible for reporting and paying any taxes that may arise from trading on BitTap, and you acknowledge that BitTap does not provide legal or tax advice regarding these transactions. If you have any doubts about your tax obligations when using BitTap services or about the digital assets held in your BitTap account, you may wish to seek independent advice.
You acknowledge that BitTap may be required by applicable law to report information about your transactions, transfers, distributions, or payments to tax authorities or other public agencies. Similarly, under applicable law, BitTap may be required to withhold taxes on transactions, transfers, distributions, or payments related to your activities. Applicable law may also require BitTap to request additional tax information, status, certifications, or documentation from you. You acknowledge that failure to respond to these requests in a timely manner may result in BitTap withholding taxes and remitting them to the relevant tax authorities as required by law. We encourage you to seek professional tax advice before engaging in any digital asset transactions.
D. Market Risks
The prices and values of digital asset investments, as well as any potential income from them, may fluctuate and may not always be in your favor. A single digital asset product may experience a price decline and, in some cases, may become entirely worthless. The inherent risk of trading or investing in digital assets is that you may incur losses rather than profits.
E. Fees and Charges
Our fees and charges are listed [here]. BitTap reserves the right to update fees and charges at its sole discretion from time to time. Be sure to review all applicable costs and charges, as they will impact the returns you receive when using BitTap’s services.
F. Availability Risks
We do not guarantee that BitTap’s services will be available at any specific time, nor do we guarantee that BitTap’s services will be free from unplanned service interruptions or network congestion. You may be unable to buy, sell, store, transfer, send, or receive digital assets when you wish.
Legal requirements in different jurisdictions may limit the products and services that BitTap can legally provide. As a result, some products, services, and/or functionalities within the Platform may not be available or may be restricted in certain jurisdictions or to certain users. Any BitTap promotions, user contests, or other activities will not be open to (and are not targeted at) restricted users. Users are responsible for understanding and complying with any restrictions and/or requirements imposed by each jurisdiction in which they access and use BitTap’s services. BitTap reserves the right to modify, change, or impose additional restrictions on the access and use of its Platform and services at any time without prior notice.
G. Third-Party Risks
Third parties such as payment providers, custodians, and banking partners may be involved in providing BitTap services. You may be required to comply with their terms and conditions, and BitTap may not be liable for any losses caused by these third parties.
H. Security Risks
BitTap cannot eliminate all security risks. You are responsible for securing your BitTap account password, and you may be liable for all transactions under your BitTap account, whether or not you authorize them. Digital asset transactions may be irreversible, and losses resulting from fraud or unauthorized transactions may not be recoverable.
I. Risks Related to Digital Assets
Due to the nature of digital assets and their underlying technology, various risks exist, including but not limited to:
- Failures, defects, hacks, vulnerabilities, errors, protocol failures, or unforeseen circumstances affecting digital assets or the economic systems they depend on.
- Digital asset transactions are irreversible, meaning losses from fraudulent or accidental transactions may not be recoverable.
- Advances in technology may render digital assets obsolete.
- Delays may cause transactions not to settle on their intended delivery dates.
- Attacks on digital assets' underlying protocols or technologies, including but not limited to:
i. Distributed denial-of-service (DDoS) attacks
ii. Sybil attacks
iii. Phishing
iv. Social engineering
v. Hacking
vi. Smurfing
vii. Malware
viii. Double spending
ix. Majority mining or consensus-based attacks
x. Misinformation campaigns
xi. Forks
xii. Deception
J. Monitoring Risks
Digital asset markets are open 24/7. Prices can change rapidly at any time, including outside normal business hours.
K. Communication Risks
When communicating with us electronically, you should be aware that electronic communications may fail, be delayed, be insecure, and/or may not reach their intended destination.
L. Currency Risks
Currency exchange rate fluctuations will affect your profits and losses.
M. Legal Risks
Changes in laws and regulations may significantly impact the value of digital assets. This risk is unpredictable and may vary by market.